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Betelgeuse ㊙️

Does anyone know if I can use P1’s dd for P2? I wonder if HMB checks the name for the dd.

fearthez
fearthez

HMB has no way of knowing, discussed this in their discord and the CEO confirmed. It’s prob against their terms but how could they prove it

Betelgeuse ㊙️

Thanks. But I think banks can see the intended recipient’s name. For eg some banks will not award bonus when using P1’s dd for P2.

fearthez
fearthez

I’ve done this myself and it has counted as a DD

Betelgeuse ㊙️

That’s great! Thank you for the dp.

Josh
Josh

I have two accounts (one joint) each over $100k balance and each qualified for 3% tier. But interest earned was $254.92 in one account and $255.22 in the other. It’s a small difference but isn’t that strange? If the interest is floating around I have to be conservative in auto-setting 80% withdrawals.

fearthez
fearthez

Were both accounts at the exact same amount for every day of the month? Interest is assessed daily so if one day it was different during the month that would explain the discrepancy

Josh
Josh

They were both over $100k. Is there some small interest paid over 100k? I thought it was zero but maybe there’s some small unadvertised amount. Shouldn’t the most interest in a single month be $100k x 3% x 31/365 = $254.79? I received $255.22 in one account. Just a curiosity at this point.

fearthez
fearthez

What % does the additional interest work out to? I’ve seen in an API call that no interest is something like 0.01% but that could just be a placeholder

GHP
GHP

Has anyone able to open an account recently. It is not allowing me. It created the password but after the SSN page it stops

Bruce
Bruce

I did today.

GHP
GHP

Thanks Bruce for the response. Would you be able to open the account and deposit the amount

phrost
phrost

Any math geniuses here? I just got approved for this account and I’m interested in maximizing my profits without a lot of hoops to jump through. I’m able to do partial DD allotments through my job. Should I just park $95,000 in there and do $10 deposits every month? I’m also aware of the credit card but it sounds like a hassle. I’d be interested in it if it didn’t mean constantly having to worry about going over the $100k limit.

Johnz
Johnz

@phrost start with $95K, $10 DD/month, withdraw 80% of interest and DD: balance is $96,196 after 24 months; or withdraw 0 and have $100,072 after 20 months. (already had a spreadsheet for this type scenario, no genius here)

Peaches
Peaches

Does leaving more than $100k affect the rate? Trying to do the set and forget thing. Or is it better to withdraw 80% ( total of interest and DD) each quarter to keep 3% tier? Please dumb it down for me..Thanks

Bkkk
Bkkk

You won’t get any interest above $100K. About withdrawing 80% each quarter – it depends on whether you think you will need access to your funds. If this is a “deposit $ and leave it because I don’t need any of the funds” account for you, just leave, for example 99K in the account, and once approx $250 interest posts, (3x/quarter) you could remove it, or even leave it, your choice. . On the other hand, if you think you MIGHT need some of the funds, it’s safer to withdraw 80% of your total quarterly deposits at the end of the quarter and redeposit it at the beginning of the following quarter. Just remember anything > $100K won’t earn any interest

phrost
phrost

thanks for the tips! i think i’ll do just that

Amy
Amy

Opened an account recently and thought I would start at the top tier earning 3% after my 1st DD but apparently all new accounts start at the 1% tier now so I guess I’ll have to wait until next quarter to earn the 3%.

Looney Tunes
Looney Tunes

Can anyone who has used Fidelity for their direct deposit confirm that it still works as a direct deposit after the first month.

I opened the account in October and made a transfer from Fidelity on November 2 and it shows “You have met your direct deposit requirement for November”. Since there were earlier comments that Fidelity worked as a DD once but not after that, wanted to see if anyone has been successful getting Fidelity to work as a DD each month afterward.

Thanks

atc1
atc1

I submitted a ACH transfer from my Fidelity Money Management account to HMBradley eairlier last summer. The deposit was not coded as a direct deposit. Will be courious to know if something has changed.

Johnz
Johnz

For anyone needing a HMBradley referral link,
reddit HMBradley posted this unlimited-invites HMBradley referral link
https://hmb.to/ThinkingIsCool

Thinking is Cool is a podcast on amazon, spotify, elsewhere

Shirley
Shirley

Read through the comments but a little confused so maybe someone can clarify for me.

Opened an account on October 30 and from what I understand from what I’ve read, as long as I make a direct deposit by the end of December this year, I will start the next quarter in January at the 3% tier 1 and that is when I should transfer the bulk of my funds along with the continued direct deposits in January, February and March (and each subsequent quarter) to keep the 3% going forward- do I have that correct?

Johnz
Johnz

Shirley correct if you skip Nov DD, else do Nov and Dec DD.
And achieve 20% or better Savings % this quarter

Shirley
Shirley

Thanks for your response.

So to confirm, as long as I save 20% or better with the December direct deposit (unable to do a November DD), I’ll get the 3% rate in the next quarter.

Johnz
Johnz

confirmed

Shirley
Shirley

Thanks

Also, do you know if a savings goal that they show when I login needs to be setup and is it a requirement for the 3%?

Johnz
Johnz

No savings goals required. I was in your shoes last year: i think they were trying to introduce you/me to ‘Plans’, a way of earmarking funds for a goal, Plan balances collect same interest as non-Plan money but can’t be ACH-ed out until moved back to primary acct.

Betelgeuse ㊙️

I thought 1 dd is required every month?

Johnz
Johnz

Betelgeuse ㊙️ Every full quarter, yeah. Your initial partial quarter’s a special case. I’m sure you can’t skip a month’s DD once you started monthly DD’s. Lol, I’ve got deja vu, we’ve been here before (but now I know and earlier I didn’t) https://www.doctorofcredit.com/new-bank-account-promises-3-apy-savings-rate-when-you-save-your-paycheck-hmbradley/#comment-1121167

Betelgeuse ㊙️

Thank you! I remember that now!

summer
summer

I just found that the bank has online banking now. I applied last week and got approved. Before I applied, I read here that they don’t have online banking but mobile only. I haven’t done anything yet because I am still thinking if the account is FDIC insured. A couple of minutes ago, I accidently hit something, which logged me into the online banking. I see my account number, routing number, and external transfer function. It is weird that I never activate the debit card or sign up online. Maybe it is automatically signed in using the information when I applied?

Otto
Otto

There’s been an online interface from the beginning. The site actually gets updates before the mobile apps in my experience.

summer
summer

Thank you for the clarification. It might be from the information for the Porte Mobile. I messed up.

Baked
Baked

If someone I might refer opens a new account in November and fulfills all the Tier 1 requirements in November and December, would that account start at Tier 1 in January or is a minimum of a full quarter / 3 months of requirements activities needed before getting to Tier 1 ?

Johnz
Johnz

Baked A full quarter is not required when starting. Can open in Nov and do first DD in Dec, or do Nov DD and Dec DD.
Also, there’s no minimum DD amount, even a penny DD works.

Baked
Baked

Thank you!